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Technology / AI and automation

XIDEX WARNS OF $45m PRE-TAX WRITE-OFF

Floppy media maker Xidex Corp, Palo Alto, California, warns that it expects to report a write-off with its third quarter figures to the period ending yesterday of up to $45m pre-tax, $29m net. The expected loss is primarily down to revaluation of unused facilities and equipment which Xidex acquired with Dysan Corp in February 1985. The properties became surplus to requirements after Xidex consolidated Dysan’s operations with its own. It’s not too easy to shift properties in Silicon Valley these days, and Xidex has been unable to sell or sublease the surplus sites, and has had to revise its estimates of future associated losses. The company does however expect to show an operating profit in the March 1987 quarter and looks for further improvement in the final quarter to June.

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CBR Staff Writer

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